IEA forecasts production growth

Oil companies are reviving investment after a two-year rout as OPEC output cuts boost prices, the International Energy Agency said.

2017-04-14 views 509

IEA forecasts production growth

U.S. producers are leading the spending revival, will add a total of 1.6 million barrels a day by 2022, up from the projection in last year’s report that they would add 1.3 million by 2021. The outlook for Russia improved significantly, the IEA said. Instead of the decline projected in last year’s report, the agency now sees the country maintaining output at 11.3 million barrels a day. Non-OPEC supply as a whole will expand by 3.3 million barrels a day in the period from 2016 to 2022, compared with a prediction last year of 2 million a day through to 2021. OPEC will raise output capacity by 1.95 million barrels a day from 2016 to 2022, with a third of the gains concentrated in Iraq. The country will add 700,000 barrels a day to reach 5.4 million a day in 2022.

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